What Are Extremely Fungible Tokens (EFT)? Anti-NFT Explained(2023)
In Brief
Extremely fungible tokens are likely to become a lost cause if they don’t improve in the near future.
Extremely fungible tokens aim to create a more democratic and accessible form of digital art and media, one that is not solely controlled by wealthy elites.
Extremely fungible tokens, or EFTs, are a movement organized by people who are concerned about the functioning of NFTs. EFTs were created as a reaction to the anti-NFT movement. In contrast to NFTs, extremely fungible tokens are identical and non-unique, allowing them to be duplicated and shared by many individuals besides their creators. Additionally, Extremely fungible tokens aim to create a more democratic and accessible form of digital art and media, one that is not solely controlled by wealthy elites.
Why is there a need for EFTs?
The extremely fungible tokens group was formed in response to a number of individuals expressing their distrust of NFT technology. However, their major worries with non-fungible tokens, which necessitated the use of EFTs, are as follows.
- NFTs can be extremely expensive, making them inaccessible to most people. The cost of buying an NFT can range from a few dollars to tens of thousands of dollars.
- NFTs are often sold by celebrities and other wealthy individuals, which some people feel creates an elitist system where only the rich can afford to participate.
- NFTs can be difficult to use and understand, making them intimidating for newcomers.
- Since NFTs are easy to copy online, artists’ works can be shared without their permission, which defeats the purpose of creating an NFT in the first place.
- NFTs can be highly unstable, so the original artists often miss out on potential income.
What are the benefits of extremely fungible tokens?
This system of EFTs provides many benefits in comparison to NFTs. Some of these benefits are as follows.
- It is a movement, not an existing technology-based ecosystem, that is focused on the creation and use of tokens with extreme levels of fungibility. These tokens are characterized by a number of key features, including ease of transferability, lack of restrictions on usage or resale, and the ability to be easily integrated into existing systems.
- It is not unique and easily replicable- it takes advantage of some of the existing technologies and frameworks that are already in use, such as blockchain technology and smart contracts.
- They can prevent fraud as artworks can be copied and replicated- since these tokens are essentially digital assets, they can be easily distributed and copied across multiple platforms and users
- They prevent environmental damage- as tokens are digital and do not require physical production or transportation, they have a much lighter environmental impact than traditional art.
- NFTs are not widely understood, and the potential buyers are small as the NFT prices can be highly volatile- the lack of widespread understanding and adoption around NFTs is a key challenge facing this new movement. However, there are efforts underway to educate the public and promote awareness of these tokens and their potential benefits, which may help mitigate this issue in the long run.
- NFTs do not offer much income return to the original artists since they are highly volatile. Banking on such expectations cannot always be a success.
- NFTs can perpetrate fraud as many artists’ unique works are copied online without their consent which indirectly violates the basic idea of creating NFTs.
What are some cons of extremely fungible tokens?
This system of EFTs does have some disadvantages. Some of these disadvantages are as follows.
- First, some have criticized EFTs for being too similar to traditional financial systems.
- Others have praised them for their potential to democratize the digital art world and make it more accessible to a wider range of people.
- Only time will tell whether extremely fungible tokens will catch on or fizzle out.
Popular extremely fungible tokens
There are many different types of extremely fungible tokens. Some popular examples include the following.
- The otama collection.
- Elven girls.
- Lil sweater lads
- Pixel slimes
- Toxic shrooms
- Dapper Penguins
- Pompa bears
- Nybbles and bytes
Bottom line
Finally, these extremely fungible tokens are likely to become a lost cause if they don’t improve in the near future. If EFTs can solve their current roadblocks, then they have a chance of becoming popular NFTs. Right now, it’s impossible to say for certain which way things will go.
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About The Author
Ken Gitonga is passionate about writing. His work involves writing crypto articles on SEO, TAs, News writing, Web3 articles, crypto price prediction, and white paper drafting. Ken is a content writer and marketer. He has worked in the SEO and content marketing industries for over 3 years and has helped businesses grow their online presence and traffic.
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Ken Gitonga is passionate about writing. His work involves writing crypto articles on SEO, TAs, News writing, Web3 articles, crypto price prediction, and white paper drafting. Ken is a content writer and marketer. He has worked in the SEO and content marketing industries for over 3 years and has helped businesses grow their online presence and traffic.
